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KUALA LUMPUR – Affin Islamic Bank Berhad (“AFFIN ISLAMIC” or “the Bank”) today announced its venture with Gading Kencana Development Sdn. Bhd. (“Gading Kencana”) for its 30 megawatt Large Scale Solar Photovoltaic (“LSSPV”) project in Bidor, Perak.
AFFIN ISLAMIC will provide a total financing of RM130.34 million for the project with the duration of 16 years, involving 98 acres of solar farm land.

“AFFIN ISLAMIC is very pleased to collaborate with Gading Kencana in embracing and supporting the Government initiatives to pursue greater energy sustainability project in Malaysia. This collaboration is also very much in line with the Bank’s business strategy which is to focus on productive collaborations to reinforce our foundation and sustainability within the Islamic banking industry,” said Encik Nazlee bin Khalifah, Chief Executive Officer, Affin Islamic Bank Berhad.

“We strongly believe that this strategic partnership will greatly benefit both parties. The financing from AFFIN ISLAMIC has enabled us to construct a 30 MW AC large scale solar (LSS) power plant which will generate 53,651,000 KW/h per year and saving 800,000 tonnes of carbon emission. It will create 304 employment opportunities of high skill level. At the present speed of construction, the project is expected to be completed by 28 May 2018 at the fastest construction record time of a 30MW LSS in the region.” said Dato’ Ir. Muhamad Guntor Mansor Tobeng, Managing Director of Gading Kencana Development Sdn Bhd.

Affin Islamic Bank Berhad (AFFIN ISLAMIC), a wholly-owned subsidiary of Affin Bank Berhad (AFFINBANK) was incorporated on 13 September 2005 and officially operates as a standalone Islamic bank with effect from 1 April 2006. As at 31st December 2017, its paid up capital stood at RM1.06 billion.
As a full-fledged Islamic bank, AFFIN ISLAMIC offers a complete range of Islamic Banking products and services to Small Medium Enterprises (SMEs), Institutional, Retail and Corporate customers.
AFFIN ISLAMIC has been at the forefront of introducing innovative and Shariah compliant products which adopts variety of Shariah concepts ranging from Musharakah Mutanaqisah, Mudarabah, Istisna, Ijarah, Murabahah and others.

The Bank’s products and services provides a clear demarcation between deposits, investment accounts and financing to best meet the need of retail and business enterprises.

The Bank together with five (5) other Islamic banks pioneered the Investment Account Platform (IAP) which is a platform to bridge funding requirements of businesses, mainly SMEs, with institution and retail investors. The IAP was officially launched by the Governor of Bank Negara Malaysia (“BNM”) on 17 February 2016 and aims to offer investment opportunities as another asset class locally and internationally. This represents a quantum leap in the Bank’s commitment to play a part in advancing Islamic banking within the local and international financial landscape.

In line with Malaysia’s Financial Sector Blueprint that aspires to transform the country into a global hub for Islamic Financial Services, AFFIN ISLAMIC will continuously conduct research and development into new financial products and services that are capable of competing in the global financial arena.

Gading Kencana is among the foremost names in Malaysian renewable energy business, leading the
way with its reputation for quality and innovation and a long track record of successful projects. Gading Kencana’s solid position in its industry is rooted in firm fundamentals. Prudent management, not least financial management, allied with keen awareness and the agility to stay pro-active and competitive. Top-notch technical expertise and a genuine commitment to quality- Gading Kencana is the first Malaysian solar PV service provider to have ISO 9001:2008 and OHSAS 18001:2007 certifications. Gading Kencana has grown remarkably from selling tiny solar-powered garden lights to the establishment of the world’s most resource-efficient solar farm.

Today, the company is involved in many areas in Renewable Energy and Energy Efficiency, including: